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Council packet includes cooperative agreement draft with Medina County Port Authority and Addison Wadsworth LLC tied to TIF assignment and bond financing
Summary
Ordinance No. 26‑035 authorizes the mayor to enter a cooperative agreement with the Medina County Port Authority and Addison Wadsworth, LLC for public infrastructure; packet includes a full draft Cooperative Agreement that assigns Assigned Service Payments and Minimum Service Payments from a TIF, contemplates Authority bond issuance, Calculation Agent duties, developer indemnities, and fiscal officer certificates.
WADSWORTH — Council materials include Ordinance No. 26‑035, sponsored by Council Member Jeanne Hines, authorizing the mayor to enter a cooperative agreement for public infrastructure improvements with the Medina County Port Authority and Addison Wadsworth, LLC. The packet contains a multi‑page draft Cooperative Agreement that describes a financing structure tied to a Tax Increment Financing (TIF) arrangement and the assignment of Assigned Service Payments and Minimum Service Payments as security for bonds issued by the Port Authority.
Key elements of the draft include: assignment of TIF‑derived Assigned Service Payments and Minimum Service Payments from the city to the Authority; issuance of bonds by the Authority to reimburse Costs of Public Infrastructure Improvements; a Calculation Agent to apportion and certify Minimum Service Payments annually (with an August 15 deadline to determine next‑year amounts); developer indemnification of the Authority, the City and the Trustee; fiscal officer certificates from the Authority and the City; and a Minimum Service Payment schedule in an exhibit. The Cooperative Agreement emphasizes that the City’s obligation to remit Assigned Service Payments and Minimum Service Payments would be a special obligation paid only from TIF fund receipts and not from general taxation.
The packet attaches a draft Agreement (many sections) and fiscal officer certificates; it does not include executed signatures from the port authority, the City, or the developer. The ordinance requests that the mayor be authorized to enter the cooperative agreement “in substantially the form” on file in the Director of Public Service’s office, subject to minor adjustments approved by staff.
